House prices up 0.8 per cent in March

House prices rose in the month of March, the latest figures show.

According to Rightmove, the average asking price for a property in England and Wales increased by 0.8 per cent in the third month of the year.

As a result, the average asking price for a property has now reached £239,655.

Miles Shipside, the property portal's commercial director, believes the figures can be attributed to an influx of new sellers who are attempting to maximise their returns despite evidence that the market is slowing.

As a result, he believes homeowners might have to temper expectations in order to secure a sale.

"Most sellers coming to the market seem to be ignoring the increased competition from other unsold properties and the challenge buyers now face in obtaining a mortgage," he explained.

"As many of these sellers are likely to be buyers themselves, they seem to be trying to bank a higher figure for their home but want a bargain when they buy. It's human nature, but in the current market, sellers should price below their competition to achieve more interest now and avoid a larger price drop later in the year."

Meanwhile annual house price growth has fallen to five per cent from 5.8 per cent in February, the survey shows.